The News International Team
02:50pm Market Update: The Sensex climbed 210.88 points to 28471.02 and the Nifty surged 66.45 points to 8652.70. About 1710 shares have advanced, 925 shares declined, and 164 shares are unchanged on the BSE.
02:45pm L&T in News: Larsen & Toubro (L&T) said its construction arm has bagged orders worth Rs 5,492 crore across various segments in March.
In the building and factories segment, L&T Construction has won projects, including a major order for construction of a mix use development complex in Mumbai, it said. “The scope involves civil, structural, architectural, finishes, mechanical, electrical and plumbing works,” it said.
In the power transmission and distribution business it has bagged orders in both the domestic and international markets, including add-ons, it said.
“New orders and variations have been won from various reputed customers in the Middle East which includes engineering, procurement, and construction of 200 kv and 132 kv substations and power up-gradation works at certain facilities,” the company said.
02:30pm RBI Policy expectations: JP Morgan economist Sajjid Z Chinoy expects the Reserve Bank of India to keep benchmark interest rates unchanged at Tuesday’s monetary policy review.
“We expect RBI to stay on hold at upcoming policy review as CPI inflation
rises and core-core inflation momentum accelerates,” says the JP Morgan note to clients.
Chinoy does expect the RBI to cut the cash reserve ratio (CRR) either but sees the central bank continuing with its relaxation of statutory liquidity ratio norms.
“We expect more easing later in the year, anticipating inflation will remain benign. Collapse of the current account deficit, and strong capital inflows allow RBI to focus on domestic dynamics,” says the JP Morgan note.
02:00pm Market Check
The market gained strength in afternoon trade with the Sensex rising more than 150 points led by pharma, FMCG, capital goods and recovery in select banks stocks.
The Sensex jumped 158.86 points to 28419 and the Nifty climbed 47.10 points to 8633.35. The BSE Midcap and Smallcap indices gained 0.9 percent and 1.2 percent, respectively.
About 1669 shares have advanced, 937 shares declined, and 173 shares are unchanged on the Bombay Stock Exchange.
Sun Pharma extended rally, up 6 percent on the day of ex-date for merger of Ranbaxy with the company and on settlement of litigation for generic Angiomax with The Medicines Company, US.
Shares of ITC, Tata Motors, ONGC, Dr Reddy’s Labs, Mahindra & Mahindra, HUL, Cipla, NTPC, GAIL and Hindalco rallied 2-3 percent.